New Delhi: Kotak Mahindra Bank has revised charges on some services including average balance criteria, free cash transaction limits, free ATM transaction limits, standing instruction failure fee, free cheque book limit. The new charges came into effect on May 1, 2024.
Everyday Savings Account charges
Kotak Mahindra Bank has revised the charges for Average Monthly Balance: Rs 15,000 in (Metro/ Urban) areas while Rs 10,000 in (Semi- Urban/ Rural).
The bank will not charge any amount for NEFT / RTGS / Fund Transfer through Net-banking / Mobile Banking.
However, if the amount is transferred via NEFT / RTGS in any branch, the charges will be applicable as follows:
Upto Rs 10,000: Rs 2
Rs 10,001 to 1,00,000: Rs 4
Rs 1,00,001 to 2,00,000: Rs 14
> 2,00,000: Rs 24
RTGS charges
Rs 2,00,000 to 5,00,000: Rs 20
> 5,00,000: Rs 40
Kotak Mahindra Bank Cash Transaction Limits
Everyday Savings Account: Nil charges up to 5 transactions
Classic Savings Account: Rs 2 Lakh/ month whichever is earlier
Privy Neon Programme/Privy Maxima Programmes: Nil charges up to 7 transactions or Rs. 5 Lakh/ month whichever is earlier
Solo Savings Account Nil charges up to 1 transaction or Rs. 10,000/ month whichever is earlier
Free ATM Transaction Limits
Everyday Savings Account Kotak ATM: 7 transactions free per month*. Other Bank ATM: 7 transactions free per month*
Privy Programmes (Black, Platinum, Neon & Maxima): Maximum 30 free transactions in a month*.
Everyday Salary Account Kotak ATM: 10 transactions free per month and Other Bank ATM: 7 transactions free per month*
Edge Salary Account Kotak ATM: 10 transactions free per month*. Other Bank ATM: No change
Standing Instruction Failure Fee
All Savings and Salary schemes having NIL charges will be charged Rs 200 per instance.
Revision of Free Cheque Book Limit
Solo Savings Account: Free up to 5 cheque leaves/ year.
List of Saving Account in Kotak Mahindra Bank
811 Savings Account, 811 Edge Savings Account, My Family Savings Account, Edge Savings Account, Junior – The Savings Account for Kids, Everyday Savings Account, Silk Women’s Savings Account, Platina Savings Account, Classic Savings Account, Pro Savings Account, Sankalp Savings Account, Ace Savings Account, Grand – Savings Programme, Nova Savings Account, Basic Savings Bank Deposit Account, Small Savings Account and SOLO Savings Account.
Kotak Mahindra Bank has revised the Average Balance criteria in some saving accounts and on cash transaction and ATM transaction limits. Standing Instruction Failure Fee and free Cheque Book Limit have also been revised. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
